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Will solar save me money?

Do solar panels really save you money?

The short answer is yes, going solar will save you money in the long run. The average annual electricity use in U.S. household is 10,400 kilowatt-hours (kWh). The electricity rate in New Mexico as of April 2019 is 0.126 $/kWh. That means the average New Mexican family is spending $1,310 a year on electricity.

Utility Inflation

Over the past decade, national electricity costs have increased at a rate of approximately 2.2% per year. Utility rate inflation is an added incentive for solar. When you generate your own energy you’re essentially locking in energy costs at a constant rate so that you will never have to deal with variable utility rates.

Do I still have an electric bill with solar?

Yes, when you install solar on your house you will still receive a bill form PNM. The bill however, may not ask you to pay anything and may simply indicate how your usage was offset by your own solar production. Thanks to Net Metering, extra energy your solar system produces is sent to the gird in exchange for credits on your electric bill. Depending on your usage for the month you bill can be eliminated completely.

Variables to consider when going solar.

  1. Local electricity rates

  2. Direct hours of daily sunlight

  3. System size

  4. Angle of your roof

  5. Roof type

  6. Energy usage

Why go solar?

Saving money by reducing your electric bills and reducing your carbon footprint are the main appeals and selling points for going solar. There are several factors that will determine wether you will save money with solar.

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